Daniel Englander
The Morning Feedstock February 13, 2008 at 8:41 AM
Wintry mix edition…
- Iberdrola, basking in the honeymoon glow of their marriage to Scottish Power, announced today 2007 was their biggest year ever. The company generated 14,708 million kWh of electricity from renewable sources - up 87 percent from 2006. Wind power, which accounted for more than half of their generation portfolio, was especially strong in the U.S., where Iberdrola generated 5,234 million kWh - 36 percent of the company’s 2007 output. With 7,704 MW of capacity, and an extra 42,053 MW in the pipeline, the company also announced a three-year, €8.5 billion expansion aimed at boosting its on-stream renewable capacity by an extra 2,000 MW per year until 2010. Rumors are half the cash has been set aside for the diamond-encrusted turbine Iberdrola Renewables chief Xabier Viteri is building for his summer palace in Romania.
- Evergreen Solar scaled back their common stock offering from 20 million to 16 million shares, citing possible dilution from current market conditions. The underwriter option has also been scaled back, from 3 million shares to 2.4 million. The Mass. based panel and wafer manufacturer hopes to raise $152 million, and will spend most of it making sure those damn pine trees stop turning brown.
- London mayor Ken Livingston announced a £25 CO2 tax on SUVs in the City of London. The tax, which will go into effect in October, targets nearly 30,000 vehicles, while also giving tax breaks to hybrid and low-emissions car drivers. Livingston’s opponent in the next mayoral election, the aptly named Boris, decried Livingston’s car-hating, “tax the motorist” policy. The Ministry of Silly Walks was reportedly overjoyed. Mary Poppins could not be reached for comment.
- WorldWater, a solar company, has finalized a $35.64 million private placement with the Quercus Trust to continue funding construction of their 50 MW production plant in Texas. CEO Quentin Kelly, a nervous Aquaman by his side, assured the press that despite the company’s foray into solar and their recent acquisition of ENTECH, WorldWater would remain committed to rebuilding the ancient city of Atlantis.
- And finally today… First Solar has announced their 4Q 2007 earnings: $0.77 EPS on income of $62.9 million with $201 million in revenue. This beat the analyst consensus of $0.53 EPS on $180 million revenue. Mike Ahearn, First Solar’s CEO, credits full production at the company’s Odern plant. Well done, Gunther - this time. You may have won the battle, but you will not win the war.
